一级市场发行量回落，二级市场小幅上涨

Report Summary 1. Investment Rating for the Industry The provided content does not mention the industry investment rating. 2. Core Viewpoints - The primary market issuance of Chinese offshore bonds declined last week, with 6 new bonds issued, totaling approximately $1.906 billion. The secondary market showed a slight increase [1][5]. - US Treasury yields fluctuated upward. As of January 23, the 2 - year US Treasury yield rose 0.8 bps to 3.594%, and the 10 - year yield rose 0.23 bps to 4.2252% [3]. - Various macro - economic events occurred, including GDP growth in different countries, central bank policy decisions, and changes in economic forecasts [34][39][40]. 3. Summary by Section 3.1 Primary Market - Last week, the primary market issuance of Chinese offshore bonds decreased. Six new bonds were issued, with a total scale of about $1.906 billion. The Hong Kong MTR Corporation issued two green bonds worth a total of A$2 billion, the largest issuance scale of the week. Shui On Land issued a $300 million bond with a coupon rate of 9.75%, the highest - priced new bond of the week [1][7]. 3.2 Secondary Market - Index Performance: The Chinese US - dollar bond index (Bloomberg Barclays) rose 0.15% week - on - week, and the emerging market US - dollar bond index rose 0.20%. The investment - grade index closed at 203.1452, up 0.15% for the week, and the high - yield index closed at 161.8156, up 0.18%. The Chinese US - dollar bond return index (Markit iBoxx) rose 0.11% week - on - week [5][9]. - Industry Performance: Different industries had varying yield changes. For example, the healthcare industry's yield decreased by 40.2 bps, while the real - estate industry's yield increased significantly [19]. - Rating Performance: Investment - grade names generally rose, with A - grade weekly yields down 5.0 bps and BBB - grade down 2.7 bps. High - yield names mostly fell, with BB - grade yields down 6.6 bps and DD+ to NR - grade yields up about 7.9 bps [21]. - Hot Events: Panhai Holdings failed to repay due interest - bearing debts totaling 34.06 billion yuan as of December 31, 2025. Sunac China Holdings had new overdue borrowings and 19 new acts of dishonesty [25][26]. - Rating Adjustments: The ratings of several companies were adjusted, such as the upgrade of Qingdao Haifa Group's issuer rating to A+ and the downgrade of Wanda Commercial's family rating to Ca [28][29]. 3.3 US Treasury Quotes - A table shows the quotes of US Treasuries, including the code, maturity date, current price, yield to maturity, and coupon rate, with maturities over 6 months and sorted by yield to maturity from high to low [30]. 3.4 Macro Data Tracking - As of January 23, the US Treasury yields were as follows: 1 - year (T1) at 3.5083%, down 2.66 bps from the previous week; 2 - year (T2) at 3.594%, up 0.8 bps; 5 - year (T5) at 3.8245%, up 0.93 bps; 10 - year (T10) at 4.2252%, up 0.23 bps [35]. 3.5 Macro News - US GDP in Q3 2025 had an annualized quarterly growth of 4.4%, higher than the initial value. Trump reached an agreement framework on Greenland, and tariffs would not take effect. Most economists expected the Fed to keep the benchmark interest rate unchanged this quarter. The IMF raised the economic forecasts for China and the world in 2026. Japan's central bank maintained the benchmark interest rate at 0.75%, and South Korea's GDP growth in 2025 was 1%, half of the previous year's rate [34][35][39].